Available Sponsorship Opportunities for the 2017 Annual Conference
22 March 2016
Opportunities to market your organization to our network at our 2017 Annual Conference on 23 and 24 January 2017 at the Peace Palace in The Hague, are now available. This event is already regarded by many the premier event in the field! P.R.I.M.E. Finance’s Panel members, as well as the visitors that attend our yearly event, include private practitioners from across the globe as well as judges, market representatives, CLOs, regulators and central bank officials and many of the founding fathers of the derivatives and structured finance industries. The objective of our sponsorship opportunities is to highlight your organization in a way which is most meaningful to you. We offer you immediate visibility within our network. To that effect, we provide a variety of sponsorship opportunities.
As you may know, the Annual Conference will bring together members of the P.R.I.M.E. Finance Management Board and Advisory Board, as well as many members of our Panel of Experts in Finance and Dispute Settlement. Key leaders from the fields of law and finance will discuss dispute resolution in the financial markets, including recent case law relating to complex products and industry standard contracts and practices. The program will offer a unique opportunity to network with our Board Members, Panel of Experts and other invited leading figures from the world of law and finance.
For more information, please contact the Secretariat, at email@example.com.
Arbitral decision by P.R.I.M.E. Finance experts cited at GAR Awards 2016
The decision of P.R.I.M.E. Finance specialist arbitrators that resolved a US$1.7 billion credit derivatives dispute in just eight days got the runner-up prize in the category of the most important published decision of the year at the Global Arbitration Review Awards 2016 when these were announced in Shanghai on 2 March 2016.
The case was decided under ISDA expedited procedural rules in February 2015, providing a fast and efficient outcome at a cost of less than US$50,000. More detailed information about the decision can be found here.
Collaboration between the PCA and P.R.I.M.E. Finance
P.R.I.M.E. Finance and the PCA have entered into a ground-breaking Cooperation Agreement pursuant to which the PCA will administer cases under the P.R.I.M.E. Finance Arbitration Rules. In addition to the option of selecting from the collective wisdom of our Panel of Experts when appointing arbitrators and mediators, parties can now draw upon the experience of the PCA’s legal counsel and case managers for the administration of their cases. Under the P.R.I.M.E. Finance Arbitration Rules, the Secretary-General of the PCA also acts as an Appointing Authority in cases where the parties cannot reach agreement on the appointment of an arbitrator.
2015 Interact meeting – Brussels
On 17 Septembe 2015, P.R.I.M.E. Finance presented in a meeting of legal departments of different European development finance institutions. This group comes together once every year to discuss various topical matters of interest. This year the Belgian Investment Company for Developing Countries SA/NV (BIO) hosted the event. Jeffrey Golden presented on this occasion and discussed inter alia the relevance of innovative cross border dispute settlement in relation to micro-finance.
Roundtable hosted by the NCMF – Stockholm
The Nordic Capital Markets Forum (NCMF) graciously invited P.R.I.M.E. Finance back to speak with its members again in May 2015. This is the third time that P.R.I.M.E. Finance and NCMF have jointly presented in the region, and as in the previous sessions this particular occasion provided for excellent discussions regarding P.R.I.M.E. Finance’s relevance in the region.
Capacity building governments – The Hague
P.R.I.M.E. Finance met with several Heads of Missions in The Hague in April 2015, to inform them of the relevance of the Foundation’s capacity building initiatives to their respective home jurisdictions. Visits included the New Zealand Embassy, the Japanese Embassy, the Swedish Embassy, the Embassy of Lithuania and the Spanish Embassy. These sessions were very informative and P.R.I.M.E. is grateful for the opportunities that exist in this regard.
P.R.I.M.E. Finance participates in public consultation on investment protection and ISDS in TTIP
Earlier in 2014 in the proposed EU-US trade deal, known as the Transatlantic Trade and Investment Partnership (TTIP), the EU Commission launched a public consultation on investor protection and investor-to-state dispute settlement (ISDS). The aim of the consultation is to better characterize the EU’s approach to investor protection and dispute settlement in the negotiation by offering stakeholders an opportunity to provide their reflections. P.R.I.M.E. Finance met with EU member country representatives and made a submission as part of the consultation.
Second Meeting of the Netherlands Financial Disputes Group at KAS BANK Amsterdam
KAS BANK and P.R.I.M.E. Finance organized the second meeting of the Netherlands Group for Complex Financial Dispute Resolution on 14 October 2014. Albert Röell, Chairman Managing Board KAS BANK, Dr Peter Werner, Senior Director at the International Swaps and Derivatives Association, Professor Dr. Matthias Haentjens, Professor of Financial Law at Leiden University, the Hazelhof Center for Financial Law, and Chairman Jeffrey Golden, spoke at this event and discussed with the audience the importance of robust dispute resolution mechanisms for complex financial contracts. The discussion was led by P.R.I.M.E. Finance Management Board member Dr. Willem Calkoen.
Lawyers’ meetings in Singapore and Hong Kong
On 22 and 23 May 2014, P.R.I.M.E. Finance, in collaboration with the International Bar Association, presented before a group of lawyers in Hong Kong and Singapore. The presentation focussed on the perceived and actual problems with dispute resolution involving derivatives and complex financial transactions that P.R.I.M.E. Finance was formed to deal with, with particular reference to the suggested need in Asia to train and educate judges, arbitrators, lawyers and regulators in relation to these matters. Both meetings were very well attended.
Chartered Institute of Arbitration Pre-ICCA (the International Council for Commercial Arbitration) Conference 2014, Bahamas
On 4 April 2014 P.R.I.M.E. Finance, through its Chairman Jeffrey Golden, visited the Bahamas, where Professor Golden met with representatives of the government, the local bar and local press, and participated in a panel session at the Chartered Institute of Arbitration Pre-ICCA (the International Council for Commercial Arbitration) Conference 2014 (preceding the ICCA conference in Miami). At the kind invitation of Mrs. Bertha Cooper-Rousseau, Professor Golden and P.R.I.M.E. Finance expert Antoine Maffei spoke in a highly interesting and well organized session on “The emergence of the Bahamas as an international arbitration center – complementing the Americas.” Following the meetings and session, the judiciary expressed an interest for P.R.I.M.E. to conduct a workshop for the Caribbean Court of Justice.
The Hon. Charles N. Brower, a member of our Panel of Experts, received both the Lifetime Achievement Award of the American Bar Association’s Section of International Law and the Pat Murphy Award of the Institute for Transnational Arbitration of the Center for American and International Law “for exceptional civic contributions and extraordinary professional achievements in international arbitration.”
Jeffrey Golden, Chairman of our Management Board and a member of our Panel of Experts, was recently elected an Honorary Fellow of the London School of Economics and Political Science.
Lord Peter Goldsmith QC, a member of our Panel of Experts and former Attorney General of the United Kingdom, has been named co-managing partner of Debevoise & Plimpton LLP’s London office.
Ed Murray, a member of our Panel of Experts, was appointed a Deputy High Court Judge in the Chancery Division of the High Court of Justice of England and Wales.
Sandie Okoro, a member of our Management Boardand Panel of Experts, has joined HSBC Asset Management as Global General Counsel.
Dr. Joanna Perkins, a member of our Panel of Experts and Director of the Financial Markets Law Committee, has been appointed as chair of the oversight committee of the ICE subsidiary that, following approval by the UK regulators last week, will take over the administration of the LIBOR benchmark from the British Bankers’ Association.
Jonathan Ross, a member of our Panel of Experts, has joined The Reserve Bank of New Zealand Board as a Director.
The Hon. James Spigelman QC, a member of our Panel of Experts, gave the 2013 Neil Kaplan Lecture in Hong Kong on “the centrality of contractual interpretation: a comparative perspective”.
P.R.I.M.E. Finance takes great pleasure in confirming 16 new appointments to our List of Experts, including a retired Supreme Court Chief Justice, a public prosecutor, a former bar association president, the general counsel of a leading repository and clearinghouse, the chairman of an insurance group and former Central Bank Board member, as well as esteemed academics from Japan and the United States of America and practitioners from France, Russia, the United Kingdom and the United States.
The Panel now numbers more than 100 experts with collectively more than 3,000 years of relevant market and legal experience. The 16 new members of the Panel are:
Dr. Georges Affaki, Head of Trade Finance Legal Affairs, BNP Paribas; Chairman, International Chamber of Commerce (ICC), Legal Committee of the Banking Commission; Associate Professor of Law, University of Paris II
David Benton, Partner, Head of Derivatives & Structured Finance Group, Allen & Overy LLP
Peter Calamari, Partner, Quinn Emanuel Urquhart & Sullivan LLP
Professor Darrell Duffie, Stanford University; Member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York; Fellow and member of the Council of the Econometric Society; Research Fellow of the National Bureau of Economic Research
Michael Enthoven, Public Prosecutor; Member of the Supervisory Board, Fortis Bank Nederland N.V and Fortis Bank Nederland (Holding) N.V.; former Chairman of the Managing Board and CEO of NIB Capital N.V. / NIBC Holding N.V; former President and COO of The Capital Markets Company N.V.
Akira Kawamura, Partner, Anderson Mori & Tomotsune; Immediate Past President, International Bar Association; former Executive Director of the Japan Federation of Bar Associations (Nichibenren); former Chairman of the Japan Federation of Bar Associations’ Foreign Lawyers and International Legal Practice Committee; former Executive Vice President of the Dai-ni Tokyo Bar Association
Vladimir Khrenov, Partner, Head of Derivatives & Capital Markets, Monastyrsky, Zyuba, Stepanov & Partners; Counsel to Chairman, Russian National Association of Securities Market Participants (NAUFOR)
Professor Tetsuo Morishita,Sophia University Law School; former member Working Group on Applicable Law on Indirectly Held Securities of the Legislative Council, Ministry of Justice, Japan
The Hon. Justice Myron Steele (ret.), Partner, Potter Anderson & Corroon LLP; former Chief Justice, Supreme Court of Delaware
Tom de Swaan, Chairman of the Board, Zurich Insurance Group Ltd and Zurich Insurance Company Ltd.; Chairman, Supervisory Board Van Lanschot N.V.; Member, International Advisory Board, the National Bank of Kuwait; former member of the Governing Board of the Dutch Central Bank; former member of the Basel Committee on Banking Supervision; former member of the Managing Board and CFO of ABN AMRO Bank
Jay Tambe, Partner, Financial Institutions Litigation & Regulation, Jones Day
Larry Thompson,Managing Director and General Counsel, the Depository Trust and Clearing Corporation (DTCC)
Hubert de Vauplane, Partner, Kramer Levin Naftalis & Frankel LLP; former Group General Counsel, Legal & Compliance, Credit Agricole; former Group Legal Officer, BNP Paribas Corporate & Investment Banking
Walter H. White Jr., Partner, Head of Emerging Markets transactions practice, McGuireWoods LLP; formerCommissioner of Securities for the State of Wisconsin
Philip Wood QC, Special Global Counsel, Allen & Overy LLP; Visiting Professor at the University of Oxford, at Queen Mary College, University of London; Yorke Distinguished Visiting Fellow, University of Cambridge; author, Law and Practice of International Finance (9 vols.)
Antony Zacaroli QC, Barrister, South Square Chambers
22 November 2013
On 22 November 2013, P.R.I.M.E. Finance, with the support of the European Bank for Reconstruction and Development (“EBRD”), participated in a follow up round-table session with the Supreme Arbitrazh Court of the Russian Federation on derivatives instruments, trading, and regulation with a special focus on issues arising from recent developments in the Russian derivatives market and in complex product cases being heard there and in other jurisdictions. This session followed a similar round-table in 2012, where the discussion had focused on more general issues relating to documentation, close-out netting and standard contracts and terms. P.R.I.M.E. Finance experts Jeffrey Golden, Vladimir Khrenov and Peter Werner participated in the session, which was attended by judges and relevant staff of the Supreme Arbitrazh Court, the Moscow Districts Courts and senior representatives of the EBRD. Seehttp://www.arbitr.ru/press-centr/news/100200.html.
24 October 2013
On 24 October 2013, P.R.I.M.E. Finance gave an extended presentation to the judges of the Su-preme and Chancery Courts of Delaware. The program covered the economic rationale of deriva-tives, relevant product types, pricing and close-out mechanics, documentation and key court deci-sions from other jurisdictions. The presentation was made by three P.R.I.M.E. Finance experts, Daniel Cunningham, Jeffrey Golden and Rick Grove. The Hon. Judge Ben F. Tennille (ret.), a member of the P.R.I.M.E. Finance Management Board, also participated.
Dusseldorf International Arbitration Conference
27 September 2013
At the Dusseldorf International Arbitration Conference in Germany, Professor Dr. Gerard Meijer, Secretary-General of P.R.I.M.E. Finance, discussed the pros and cons of the use of arbitration in banking and finance disputes. The panel was composed of Marcus Jacob, Head of Legal Depart-ment II, Landesbank Baden-Württemberg (Stuttgart); Tim Schreiber, LL.M. (University of Lon-don), Clifford Chance (Munich); Martin Wiebecke, LL.M. (Columbia University), Law Firm Martin Wiebecke (Zurich) shared its thoughts on this issue and discussed recent trends in banking and finance disputes with the audience which consisted of law students.
FMO hosts meeting between P.R.I.M.E. Finance and new Dutch interest group
18 September 2013
FMO, the Dutch development bank, hosted a meeting of Dutch legal and financial market partici-pants following evidence of growing interest in positioning The Hague as a global centre for fi-nancial market dispute resolution. At the end of the session, a decision was taken to form a new broad-based discussion group called the “B.V. Nederland Financiële Geschillen Groep”, which will continue to meet with a view to exchanging information about, and considering ways to fur-ther support, financial market arbitration in the Netherlands.
Collaboration with the International Bar Association in Asia
13 September 2013
In Asia, P.R.I.M.E. Finance is collaborating with the International Bar Association (IBA) with a view to providing support and education to local lawyers, law firms, bar associations, law socie-ties and judiciaries in relation to derivatives and disputes arising out of derivative transactions. P.R.I.M.E. Finance shares the IBA’s commitment to providing easiest access to justice and better judicial outcomes in this important region.
On 5 and 6 September 2013, P.R.I.M.E. Finance experts Jonathan Ross and Chin-Chong Liew made two presentations to leading Chinese lawyers and derivatives experts in Hong Kong and in Beijing the day after. The purpose of these presentations was to provide information about the resolution of disputes involving derivatives and complex financial transactions in the internation-al markets. Our Experts discussed the role of domestic judges in those disputes and the support that P.R.I.M.E. Finance and the IBA could provide to lawyers, bar associations, law societies and judges in the region in relation to these types of disputes. The rise and role of arbitration in rela-tion to these disputes were also discussed. The audience expressed a clear and consistent view on the importance of local solutions to local problems and hence on the need for P.R.I.M.E. Finance and the IBA to assist in the identification and the resolution of these problems.
ISDA Published its 2013 ISDA Arbitration Guide
9 September 2013
The International Swaps and Derivatives Association (ISDA) published the 2013 ISDA Arbitra-tion Guide. The Guide provides a range of Model Arbitration Clauses tailored for use with the industry standard 1992 and 2002 ISDA Master Agreements.
5&6 September 2013
On 5 and 6 September 2013, with support from the International Bar Association, P.R.I.M.E. Finance experts, Jonathan Ross and Chin-Chong Liew gave two presentations on the use of de-rivatives to leading Chinese lawyers and derivatives experts in Hong Kong and in Beijing. Our Experts discussed the role of domestic judges in disputes relating to complex financial products and the support that P.R.I.M.E. Finance could provide in the region in relation to these types of disputes.
Follow us on LinkedIn
3 September 2013
P.R.I.M.E. Finance has created a new group on LinkedIn to foster a global network of discussion and to serve as a portal for information about disputes related to complex financial products. It is an excellent opportunity to gain insight into recent case law and associated topical issues regarding complex financial transactions. Furthermore, it offers a unique chance to network and personally discuss these developments with our Experts and be informed on issues they expect to be important in future complex financial disputes. Accessible to all financial actors, this group serves as a platform where all parties involved in the area of finance can discuss and exchange information. Some of the interesting features include:
- Information on global events, support sessions and seminars conducted by P.R.I.M.E. Finance,
- Comments by our experts on current and future developments within the market and jurisprudence,
- An updated collection of articles related to P.R.I.M.E Finance’s activities, and
- News about our Experts.
P.R.I.M.E. Finance meets with Researchers of The Hague Academy of International Law
28 August 2013
P.R.I.M.E. Finance Management Board member Dr. Willem Calkoen made a presentation to a group of researchers from the Centre for Studies and Research in International Law and Interna-tional Relations of The Hague Academy of International Law. This presentation was in correla-tion to their research programme topic, the Global implications of the Financial Crises. The pur-pose of the presentation was to provide information about derivatives and the resolution of dis-putes involving derivatives, and to introduce P.R.I.M.E. Finance’s activities. The event was gra-ciously hosted, in The Hague, by the Law firm BarentsKrans. A special thanks goes to The Hague Academy of International Law for its generous donation.
28 August 2013
On 28 August 2013, P.R.I.M.E. Finance Board member Willem Calkoen gave a presentation about P.R.I.M.E. Finance to the Center for Studies and Research in International Law and Inter-national Relations of The Hague Academy of International Law as part of the Center’s ongoing research program on the topic of the global implications of the financial crisis.
Appointment of New Advisory Board Member
9 July 2013
Ambassador Hugo Siblesz, Secretary-General of the Permanent Court of Arbitration, was ap-pointed as an Advisory Board Member of P.R.I.M.E. Finance.
Model Arbitration Clauses for use with ISDA Master Agreements
P.R.I.M.E. Finance completed a project in June 2013 to develop forms of amendment agreements to be used to modify existing International Swaps and Derivatives Association (“ISDA”) Master Agreements to provide for arbitration in accordance with the P.R.I.M.E. Finance Arbitration Rules in lieu of litigation in the courts of either New York or London. These forms of Arbitration Amendment Agreements may be used with either 1992 or 2002 ISDA Master Agreements, which have been used to document more than 90% of the outstanding transactions in the global deriva-tives markets. The P.R.I.M.E. Arbitration Amendment Agreements provide for arbitrations to be conducted in Singapore, Hong Kong, Paris, Geneva, Zurich, The Hague, London or New York, as the parties may elect. P.R.I.M.E. expects to soon publish (in Japanese) a similar form for arbitra-tions to be conducted in Tokyo. Only P.R.I.M.E. Finance offers this geographic flexibility while using one set of rules and providing access to one international panel of leading experts on dis-putes involving complex financial products. With the recent publication of these forms of Arbi-tration Amendment Agreements, parties are now in a position to incorporate P.R.I.M.E. arbitra-tion into their existing master agreements, which P.R.I.M.E. anticipates will produce a flow of P.R.I.M.E. arbitration proceedings in coming years. The development of these clauses by P.R.I.M.E. Finance has sparked considerable interest as they are the first of their kind to be stand-ardized for use with the ISDA Master Agreement.